Oil prices help airlines in New York
New York equities markets were lower at midday on Tuesday on declining consumer confidence and losses in the oil sector due to falling crude oil prices. Mid-session found the Dow Jones Industrial Average 0.4 percent lower to 11,312.47. The S&P 500 was also down by 0.4 percent, to 1,296.38, while the Nasdaq Composite had declined by 0.6 percent to 2,148.09.
Homebuilders were lower on the day. DR Horton fell 2.6 percent to $21.29 and Puelte dropped 2.7 percent to $28.52.
In the oil sector, Murphy Oil declined by 2.2 percent to $48.74, while Sunoco was 2.4 percent lower to $74.03 as crude oil prices on the New York Mercantile Exchange reached their lowest level in over two months.
The declining oil prices helped the airlines, however. JetBlue Airways added 1.1 percent to $10.37, while Continental Airlines gained 2.3 percent to $24.50.
Elsewhere, brokerages were down. Morgan Stanley was 2.6 percent lower to $65.18 and Lehman Brothers dropped 3.5 percent to $62.18.
Apple Computers also declined, falling 2.3 percent to $65.42 after Universal Music said it would open a free online music website to compete with Apple’s iTunes. Circuit City, the electronics retailer, was also lower, declining 2.7 percent to $22.31.